Shaw Financial Services Weekly Blog

Just about EVERYTHING is Taxed!!!!

(Quote) “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” Winston Churchill

I read an interesting article published by Forbes which is a huge reminder that we need to always be mindful and aware of what the IRS considers taxable which is just about EVERYTHING. Should we forget to include even the oddest sources of income there could be tax ramifications from the IRS. Here are a few examples:

Selling cars, furniture or family heirlooms

If you sell something for $200 that you paid $150 for that is a $50.00 gain. If you do not prove your basis the IRS will review the whole $200 as income.

Any type of work you are paid cash for such as babysitting, giving a friend a lift to the airport is taxed.

There are many instances this would apply to you. It is important to review all of your business dealings large and small.

At Shaw Financial Services we do a thorough analysis of your situation and give you sound advice on how to proceed with your taxes minimizing your risk and saving you money. Contact us today for a free analysis. Let us help you with all your financial and accounting goals.

In addition to Tax preparation/Accounting, Other areas of expertise include but are not limited to the following :

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For years, Shaw FS, Inc. has been providing quality, personalized financial guidance to local individuals and businesses. Shaw FS, Inc.'s expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning.
Shaw FS, Inc. is one of the leading firms in and throughout Encinitas. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.